Shares are trading higher at midday, in high volatility with the general index recovering early losses and moving into the red, breaking the four-session losing streak. Volatility is seen persisting for some time.

Analysts feel that the lack of a real catalyst in the short-term will keep share prices range-bound and there might be a relief rally once the ECB stress results are announced. However, assuming no political changes, real catalysts as the banks stress test or the OSI talks, will not be felt on the market before mid-October.

“We won’t see fireworks any time soon,” analyst George Zois with Exotix commented. “Banks is the big trade in Greece but the sector looks fairly-valued at current levels,” he added.

Most analysts feel that the ECB assessment will not hold any big surprises for the local sector but the “low visibility” surrounding the process should compress share prices in the short-term.

The risk of early elections is always looming in the background, however, “Greece is in a better place than it was two years ago,” Zois reckoned. The same view is shared by analyst Paris Mantzavras with Pantelakis Sec.

“Even if there is an early ballot, we won’t experience again the Grexit threat hanging over our heads as it happened in the previous pre-election period,” Mantzarvas said.

At 14.15 local times the general share index was up 1.6% to 1141 points with 50.5 million euros worth of shares exchanging hands.